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Retirement tax questions
If you did not have any Roth IRA contributions prior to 2022, enter "$0.00". Roth contributions are not reported on your tax return, but the program asks you about current and prior contributions to keep up with your basis in your Roth should you take a distribution prior to turning 59 1/2. You can always withdraw the amount of your Roth 401(k) contributions penalty and tax free. However, any non-qualified distribution of earnings are subject to taxes and the 10% excise tax/penalty.
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‎February 26, 2023
3:10 PM